Daily Currency Outlook: GPB/JPY And EUR/JPY : August 13, 2015

EUR/JPY Daily Outlook

Daily Pivots: (S1) 138.14; (P) 138.50; (R1) 138.98;

Further rise is still expected in EUR/JPY with 136.78 minor support holds. Rebound from 133.29 would target 141.04 resistance. With 133.09 support intact, the rebound from 126.09 is still mildly in favor to extend. Break of 141.01 will confirm this bullish case. On the downside, below 136.78 minor support will turn bias neutral again.

In the bigger picture, price actions from 149.76 medium term top is viewed as corrective in nature. Strong rebound after failing to sustain below 38.2% retracement of 94.11 to 149.76 at 128.50 argues that it’s developing into a sideway pattern. We’d expect more range trading between 126.09 and 149.76 in medium term. And that should then be followed by an upside breakout at a later stage. Nonetheless, decisive break of 126.09 would extend the correction towards 61.8% retracement at 115.36.

EUR/JPY 4 Hours Chart

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

EUR/JPY Daily Chart

EUR/JPY Daily Chart

EUR/JPY Daily Chart

EUR/JPY Daily Outlook

Daily Pivots: (S1) 138.14; (P) 138.50; (R1) 138.98;

Further rise is still expected in EUR/JPY with 136.78 minor support holds. Rebound from 133.29 would target 141.04 resistance. With 133.09 support intact, the rebound from 126.09 is still mildly in favor to extend. Break of 141.01 will confirm this bullish case. On the downside, below 136.78 minor support will turn bias neutral again.

In the bigger picture, price actions from 149.76 medium term top is viewed as corrective in nature. Strong rebound after failing to sustain below 38.2% retracement of 94.11 to 149.76 at 128.50 argues that it’s developing into a sideway pattern. We’d expect more range trading between 126.09 and 149.76 in medium term. And that should then be followed by an upside breakout at a later stage. Nonetheless, decisive break of 126.09 would extend the correction towards 61.8% retracement at 115.36.

EUR/JPY 4 Hours Chart

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

EUR/JPY Daily Chart

EUR/JPY Daily Chart

EUR/JPY Daily Chart

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